|Bid||2,466.00 x 0|
|Ask||2,467.00 x 0|
|Day's range||2,429.00 - 2,505.00|
|52-week range||1,367.50 - 3,328.00|
|Beta (5Y monthly)||0.77|
|PE ratio (TTM)||8.88|
|Earnings date||18 Aug 2020|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||11 Jun 2020|
|1y target est||2,602.00|
Shares in the company fell as much as 6.4% after it said Jenkinson would leave in due course. It also reported a 4.6% fall in 2019 pretax profit to 1.04 billion pounds ($1.35 billion), in line with expectations. It sold 15,855 new homes in 2019, compared with 16,449 in 2018, when its use of government "Help to Buy" subsidies was marred by customer complaints over the quality of the houses and a $100 million bonus paid to previous CEO Jeff Fairburn.
The company, however, said it expects pretax profit to be in line with market estimates and that it was in a strong position for the upcoming spring season. Over the past year, Persimmon has faced extensive criticism over the standard and safety of its houses, as well as a row over management bonuses. In December, it set up a group of construction professionals to look into its business practices after an independent review found that the blue-chip company needed to improve the quality of its homes and review executive bonuses.
The review led by Stephanie Barwise of Atkin Chambers covered issues related to the company's corporate culture, structure and HR policies. "The review found that Persimmon had focused on policies around inspections immediately before and after the sale of a home, rather than those governing build quality inspections," Chairman Roger Devlin said on Tuesday.
Liberum analysts said that was in line with market expectations, and Persimmon shares were little changed at 0900 GMT. The company lost nearly a third of its value last year and appointed company insider Dave Jenkinson as Chief Executive Officer permanently in February after former CEO Jeff Fairburn stepped down after a row over his bonus package. "The change of CEO gives it an advantage to be open and honest about its previous issues and attempt to start its relationship with its customers anew," said Julie Palmer, a partner at corporate restructuring consultancy Begbies Traynor.